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Hi,

 

First of all, thank you for running a site like this!

 

I have a number of unsecured debts . Until recently I could pay the monthly amounts on the loans. My wife has experienced a severe drop in income, and my own work has slowed down, an di now have to contribute to what used to be her side of the financial responsiblities. My wife has to spend time looking after terminally ill parents and working as well. We now can not keep on repaying these debts at the rate agreed.

 

I have approached the CCCS ( two weeks ago) and they have advised I write to each creditor and offer them a mininmum payment of £1.00 per month each. I can't see any other way out of it . What I don't understand is, if this is actually some kind of IVA that my creditors will agree to. What kind of agreement is it and what rights do I have?

 

I took advantage of the three months respite on mortgage repayments and now have to concentrate on making priority payments, which I now understand are priority payments. I am one month behind beyond the mortgage agreement. At the time I thought work would pick up carried on paying unsecured creditors and did not understand about prioritisng debt.

 

I have opened a parachute account with a bank not connected with the creditors.

 

So three questions.

 

1. If I jump banks, will they enforce the Mortgage agreement as a form of control? One of the unsecured loans is an overdraft with the same bank that is the mortgage lender. It is a three month arrears-capped. As I say we have fallen one month behind on the capping agreement, so we are technichally four months behind, but I can pay this month's this week.

 

1.a We only want to stay in the house for another year whilst my son

finishes college. So I want to buy as much time as possible. What room for manouvere do we have here?

 

2. Is this an IVA in kind? Can my creditors be trusted to stick to it if it is from the CCCS? What can they do to us?

 

3. What other options do we have?

 

 

I hope you can help.

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Hello-You are going to be offering token payments to your creditors which in your circumstances they will accept.Allways pay the token payment.Have you any CCJs.Along with your offer quote your cccs client number.Perhaps they have sent you some to send along with copies of your personal budget sheet.If not post again and i will get you a letter to send.No its not some sort of IVA | IVA Help from the UK Number 1 IVA Company | Debt Free Direct i suppose your token payments will continue till your circumstances improve or you decide in a year possibly on more drastic action,only time will tell.If you start struggling with your mortgage payments in the future post again and someone will advise you,dont bury your head and let things escalate,there may be plans available that may help you.QUESTION ONE-Changing Direct Debit details shouldnt cause any trouble for you.The overdraft is unsecured so time to offer token payment as i suppose DD for mortgage is going to parachute account.QUESTION- 1A You want another year,are you selling,then renting,or poss wondering on the enoughs enough and poss going bankrupt.Is there equity or negative equity on your house,Many ideas for you whatever route you are planning,Can your wife get any additional help with the parents to help slightly with the stress you both must be feeling-others may advise on this as well.Welcome to the CAG,we all help each other,dont feel you are alone,keep posting with any questions or help you need .This is my view only and wish you well,Tawnyowl.

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Thanks Tawnyowl,

 

I actually reposted this in general debt issues, because I thought it was in the wrong place. It is very helpful to know you are not on your own.

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